FQM’s Kansanshi S3 Expansion to Strengthen Growth and Financial Resilience

First Quantum Minerals’ Kansanshi S3 Expansion project in Zambia marks a pivotal moment for the Canadian mining company, enhancing its financial resilience and driving future growth, CEO Tristan Pascall has stated.

Reporting on the company’s fourth-quarter results, Pascall confirmed that the expansion remains on track for completion by mid-2025, with significant progress in construction and commissioning.

By the end of 2024, construction of the process plant had reached 62% completion, with early commissioning already underway. System configuration for the plant’s control system was 80% complete, focusing on cleaner and reagent circuits, along with functional testing of service areas. Operational readiness stood at 62%, with personnel training on the process simulator.

First Quantum projects copper production to range between 380,000 t and 440,000 t in 2025, increasing to 390,000 t to 450,000 t in 2026, and further rising to 430,000 t to 490,000 t in 2027.

In 2023, the company’s copper production—excluding output from Cobre Panamá—reached 431,000 t, a 14% increase from the previous year.

Zambian operations contributed significantly, with production rising 15% to 402,000 t, driven by disciplined mining practices and improved grades at Kansanshi and Sentinel.

The Kansanshi expansion is expected to be a key driver of the company’s production growth over the next three years. The mine is projected to produce between 160,000 t and 190,000 t in 2024, with output increasing to 210,000 t to 240,000 t in 2027.

Expansion at the Kansanshi smelter is also progressing. The new waste heat boiler condenser and the fifth train of wet electrostatic precipitators have been successfully commissioned. Installation of the high-pressure oxygen compressor is complete, with commissioning underway.

All major oxygen plant equipment is on-site, and installation is advancing. Civil works for Acid Plant 5 are complete, with ongoing structural, mechanical, and piping installations.

Regarding Zambia’s power supply challenges, Pascall noted that First Quantum has secured supplementary power from Southern Africa to ensure uninterrupted operations, including the startup of the Kansanshi S3 Expansion.

First Quantum has also announced a leadership transition at the board level. Robert Harding, who has served as lead independent director for over a decade and as board chairperson for the past two years, will retire following the company’s AGM on May 8. Kevin McArthur, a director since 2021, will succeed him.

Reflecting on his tenure, Harding said, “It has been a privilege to serve on First Quantum’s board for the past 12 years and witness the company’s transformation.

This transition ensures a strong mix of experience and fresh insight. I am pleased with the board’s decision to appoint Kevin, whose deep industry knowledge and leadership experience make him well suited for the role.”

Pascall acknowledged Harding’s contributions: “I personally thank Bob for his guidance and impact, especially during his tenure as chair in a period of challenge and change.

I look forward to working closely with Kevin, and I’m confident his leadership will help position the company for strategic growth in 2025 and beyond.”